Our 1099 loan is a solution for self-employed and contract borrowers that allows them to use their 1099 forms to report various types of non-employment income received during the tax year.
Program features
Loan amounts up to $4 million
DTI up to 55%
Cash out available
1-year history with the same employer
Temporary rate buydowns available
Why choose our 1099?
1099s for the last 1 year allowed
Expense ratio 10%
Gift funds allowed
Program details
1099s for the last 1 year
1-year history with the same employer
Gift funds allowed
Loan amounts up to $4 million
DTI up to 55% on owner-occupied
Min FICO 620 or no score
Up to 85% СLTV purchase / Up to 80% СLTV cash-out
Owner-occupied, second home, and investment properties
Max cash-in-hand $500,000 for CLTV >65%, $1,000,000 for CLTV ≤65% to ≥55%, no max cash-in-hand limitation for CLTV <55%
Min. reserves 3 months
Mortgage history: 0x30x12 and 0x90x24 for Super Prime, 0x60x12 for Prime
Min. 12 months out of credit event
Eligible property types: SFR, townhomes, condo warrantable/non-warrantable (limited review), condotel, 2-4 units (not available for 2nd home), PUD, SFR rural, manufactured housing, short-term rentals, leasehold
Eligible terms: 30 & 40-year fixed, 5/6 & 7/6 ARM
120 months of I/O period, 240/360 months of amortization, qualified at amortized PITIA payment after I/O period, IO product not allowed in IL
Eligible citizenship: US citizenship, Permanent & Non-Permanent Resident, ITIN
Eligible borrowers: Vesting Individuals, LLCs/Corp without a hit
